Carey Olsen advises on Quotient’s USD40m Nasdaq IPO

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Carey Olsen has advised Jersey-registered company Quotient Limited on its initial public offering (IPO) in the US which raised approximately USD40 million by the issue of new shares on Nasdaq.

Quotient Limited is a commercial-stage diagnostics company working in the healthcare sector developing tests for blood grouping and serological disease screening (commonly referred to as transfusion diagnostics).

It announced its IPO last week with the issue of 5,000,000 units, each comprising one ordinary share and one warrant to purchase 0.8 of one ordinary share, at a price of USD8.00 per unit. The warrants will be exercisable at an exercise price of USD8.80 per ordinary share.

Quotient has also granted the underwriters a 30-day option to purchase up to an additional 750,000 units at the IPO price.

Carey Olsen’s corporate partner Mike Jeffrey, senior associate James Willmott and associate Katherine Tresca advised on the Jersey law aspects of the IPO.

A team from Clifford Chance advised on the US law aspects of the IPO. Other advisors involved in the IPO included Ernst & Young, Gibson Dunn, Capita and Continental Trust Registrars.

Paul Cowan, chairman and chief executive officer of Quotient, says: "Listing a Jersey registered company on Nasdaq brought its own challenges in terms of managing the differences between jurisdictions, but the team at Carey Olsen worked closely with our US advisers to ensure that we were able to successfully bridge them."

Willmott says: “Our involvement with this IPO further demonstrates the firm’s expertise and experience in Jersey listings and IPOs, both on the UK and US markets. It also showcases our strong ability to work efficiently across jurisdictional borders.”